Bitwise Finalizes Hyperliquid ETF Details, Signaling Imminent Launch: LatestDeFiNews
Bitwise has filed a second amendment for its proposed spot Hyperliquid ETF, including the ticker $BHYP and a 0.67% management fee, indicating a launch is on the horizon.
Why it matters
Asset manager Bitwise has taken a significant step towards launching its spot Hyperliquid exchange-traded fund, submitting a second amended filing to the SEC. The update reveals the ticker $BHYP and a 0.67% management fee, details that Bloomberg analysts suggest precede an imminent launch. This move intensifies competition in the niche, with Grayscale and 21Shares also pursuing similar products, and comes as the Hyperliquid protocol and its HYPE token demonstrate considerable growth in the derivatives market.
Market focus
Key takeaways
- Bitwise's second amended SEC filing for a Hyperliquid ETF, including ticker $BHYP and a 0.67% fee, strongly suggests an imminent launch.
- The move intensifies competition, with Grayscale and 21Shares also vying to launch similar spot Hyperliquid ETFs.
- Hyperliquid's HYPE token has seen significant price appreciation, and the protocol has entered the top 10 crypto derivatives platforms by trading volume.
- The ETF would offer traditional investors exposure to Hyperliquid's spot price, with Bitwise uniquely proposing to generate additional returns from HYPE staking.
- This development signifies growing institutional interest in bringing specific, high-growth DeFi protocols into traditional finance.
Bitwise Edges Closer to Hyperliquid ETF Launch
Bitwise Asset Management has significantly advanced its bid to launch a spot Hyperliquid exchange-traded fund (ETF), filing a second amendment with the U.S. Securities and Exchange Commission (SEC). This latest submission includes crucial details: the proposed ticker symbol $BHYP and a management fee of 0.67% (67 basis points).
According to Bloomberg senior ETF analyst Eric Balchunas, the inclusion of such specifics typically signals that a product is on the cusp of launching. Balchunas noted that the firm is likely "trying to strike" while the iron is "hot," referencing the HYPE token's impressive 200% surge over the past year.
A Crowded Race for DeFi Derivatives Exposure
Bitwise's proactive move underscores the growing institutional interest in offering exposure to decentralized finance (DeFi) protocols. The firm was the first to file for a Hyperliquid ETF in September, with 21Shares following a month later, and Grayscale submitting its own proposal in late March. This competitive landscape highlights a broader trend: asset managers are increasingly looking beyond Bitcoin and Ethereum to bring more niche, high-growth crypto assets into traditional investment vehicles.
If approved, Bitwise's ETF would trade on the NYSE Arca exchange, providing investors with a regulated pathway to gain exposure to the spot price of Hyperliquid. Notably, Bitwise's initial amendment in December also indicated that the fund would seek to generate additional returns from HYPE staking, a feature not explicitly mentioned in the filings from Grayscale or 21Shares.
Hyperliquid's Ascendant Trajectory
The timing of Bitwise's push aligns with Hyperliquid's remarkable performance and growing prominence in the crypto derivatives space. Despite a challenging start to 2026 for the broader crypto market, the HYPE token has climbed 65% year-to-date and an impressive 182% over the past 12 months, trading around $41.96 at the time of writing.
Beyond token price, the Hyperliquid protocol itself is gaining significant traction. Blockchain analytics platform CoinGlass reported in early April that Hyperliquid had broken into the top 10 crypto derivatives platforms by volume. The protocol generated $492.7 billion in trading volume during Q1, positioning it just shy of Coinbase's ninth-place ranking.
This institutional validation, coupled with the protocol's organic growth, suggests a maturing ecosystem where DeFi innovation is increasingly intersecting with traditional finance. Traders and investors will be closely watching the SEC's decision, as an approval could open new avenues for capital flow into the burgeoning DeFi derivatives market.
